Here are some things you can do to make the most of your tax exemptions and allowances before the deadline on 5 April every year.

• Make sure you and your spouse or partner have fully utilised your Individual Savings Account (ISAs) this tax year. Currently, that stands at £20,000 per individual for the 23/24 Tax Year.
  

• Help your children get ahead by contributing up to £9,000 into a Junior ISA for the 23/24 Tax Year.
  

• Maximise contributions to your pension and check whether you have any unused allowance from the previous three tax years.
  

• If you're a high-earner, you could consider increasing your pension contributions or charitable giving to potentially benefit from:
  

1. bringing your income below the additional rate tax band of £125,140
2. regaining your personal allowance if income is brought below £125,140
3. becoming eligible for child benefit again - which is gradually reduced if one parent in the household earns more than £50,000
   

• Use your annual Capital Gains Tax exemption wisely. You can realise gains of up to £6,000 in the 23/24 Tax Year. Or, if the gains are larger, spread them over two tax years and take advantage of tax-free transfer between you and your spouse.
  

• Fully utilise your annual Gift exemption of £3,000 for Inheritance Tax (IHT) mitigation.
  

• If you’re considering making a large withdrawal from your pension, decide whether you may want to minimise any Income Tax liability by spreading any large pension withdrawal out over two or more tax years.
  

• If you own a business, consider taking dividend income instead of salary. The first £1,000 of dividend income is tax free, so, depending on your earnings, this could help you avoid paying National Insurance Contributions (NICs).
  

• If you own a business, it might be possible to reduce your company’s liability to NICs, Income Tax (inc on dividends) and Corporation Tax, by moving any pre-tax profits into a personal pension. To qualify, contributions will need to be paid before your company’s financial year-end. For most, this will be 31 March.
  

Not all of these may suit you or apply to your circumstances, so we always recommend that you seek specialist advice.

Contact us now to discover which tax year end opportunities might benefit you.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.